Rupee down against dollar, euro, pound
The rupee had a very poor session on Friday – the last business day of the week – as all the major currencies – dollar, euro and pound sterling – made significant gains against the local currency, reported 24NewsHD TV channel.
In inter-bank trading, the US dollar was up by 34 paisas and closed at Rs167.33. Similarly, the euro ended the week at Rs190.54 after gaining 18 paisas. Meanwhile, the pound was available for 209.89 with 52-paisa gain.
On the other hand, the open market saw the dollar reaching the exchange rate of Rs167.50 with a gain of 50 paisas. Both euro and pound too gained 50 paisas each and were traded at Rs189.50 and Rs211 respectively.
We have a look at the overall trend in the currency market during this week, the dollar gained 98 paisas in inter-bank rate and 80 paisas in the open market. The euro, meanwhile, was up by Rs3.08 in inter-bank rate and Rs2 in the open market.
Meanwhile, the pound closed the week with a gain of 52 paisas in the inter-bank trading and two paisas in the open market.
The rupee has been feeling the heat ever since the government opted for devaluation, resulting in devastating consequences for the economy with higher inflation and reduced production and consumption.